STOPPAGE OF WORK BY THE JOINT VENTURE Sample Clauses

STOPPAGE OF WORK BY THE JOINT VENTURE. Notwithstanding the provisions of paragraph 3 with respect to the depth to be drilled, the Joint Venture shall have the right to direct the stoppage of the work to be performed by the Contractor hereunder at any time prior to reaching the Contract Depths and even though Contractor has made no default hereunder. If the Joint Venture exercises its right to discontinue drilling a well, the Joint Venture will not receive a refund for any unused portion of the Drilling Price allocable to the discontinued well but the Joint Venture may direct Contractor to apply the unused portion of 3 the Drilling Price to the intangible cost of another well that the Joint Venture shall specify. The unused portion of the Drilling Price will be determined as follows: Contractor shall determine a sum equal to all the actual expenses reasonably and necessarily incurred up to the date the Joint Venture notified Contractor to discontinue drilling plus such additional expenses reasonably and necessarily incurred in order for Contractor to cease operations, including plugging and abandoning the hole, and dismantling the rig plus the sum of 15% of such total actual expenses. This sum shall be deducted from the Drilling Price of the Re-Entry and/or Venture Wellx. Xxe resulting difference shall be the unused portion of the price.
Sample 1
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STOPPAGE OF WORK BY THE JOINT VENTURE. Notwithstanding the provisions of paragraph 3 with respect to the depth to be drilled, the Joint Venture shall have the right to direct the stoppage of the work to be performed by the Contractor hereunder at any time prior to reaching the Contract Depths and even though Contractor has made no default hereunder. If the Joint Venture exercises its right to discontinue drilling a well, the Joint Venture will not receive a refund for any unused portion of the Drilling Price allocable to the discontinued well but the Joint Venture may direct Contractor to apply the unused portion of the Drilling Price to the intangible cost of another well that the Joint Venture shall specify. The unused portion of the Drilling Price will be determined as follows:
Sample 1

Related to STOPPAGE OF WORK BY THE JOINT VENTURE

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